Apple is planing to dive into video streaming services and create its own entertainment content to rival Hulu and Netflix.

It seems Apple wants to tap into a new segment, something similar to what the likes of Netflix, Hulu, and Amazon are doing with their video streaming services. Sources suggest that the iPhone maker is planning to make a plunge into TV shows and movie production services to produce video content that is expected to go into effect next year.

The Cupertino giant has reportedly already entered discussions with prominent Hollywood executives. Though, at the moment it is unclear whether the company will be focusing on just TV shows, movies or for that matter both.

Earlier reports also claimed that Apple had to tried to make an ‘unprecedented bid’ to nab former ‘Top Gear’ hosts Jeremy Clarkson, James May and Richard Hammond, though Amazon eventually won the bid in July and secured the trio for its own video streaming initiative.

For now, one cannot really be sure as to what kind of a subscription model Apple has in mind. Whether it’ll stick to the same one-month subscription model like Netflix, or make them available on iTunes is still a matter of discussion.

With Apple foraying into the video streaming market, it could potentially have a huge impact on the video streaming industry as we can see a potential showdown with other streaming behemoths such as Netflix, Amazon, and Hulu.

Meanwhile, Apple is also expected to unveil the latest version of its Apple TV set-top-box, which is expected to be a significant update over its predecessor. The company is hosting a massive launch event on September 9, where we’ll likely see the unveiling of next-gen Apple TV.

The upcoming version of Apple TV will reportedly be a major upgrade compared to its withered looking predecessor that hasn’t seen any changes since early 2012. Sources suggest that the new Apple TV will feature a revamped design with a slimmer chassis, also included will be new innards such the A8 chipset, increased internal storage along with better syncing capabilities with iOS and Siri. It is also expected to get a new remote control that will reportedly feature a touch pad input.

The upcoming Apple TV is rumored to be priced around the $149-$199 price bracket, which is a significant hike compared to its current version priced at $69. The company has already sent out media invites to its September 9 event where we will likely hear more about the Apple TV along with the company’s plans to enter into producing and creating video content.

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